Traffic, Basket-Size Increases Drive Ingles Results

ASHEVILLE, N.C. — Stock in Ingles Markets shot up Friday after the retailer here reported a 42.6% increase in net income and a 12.1% increase in sales for the fiscal third quarter that ended June 30. Ingles officials said they held the line on cost increases during the quarter to maintain market share and drive the top line. The policy helped drive comparable-store sales by 11.9% — 9.4% excluding fuel — during the quarter as both shopping trips and average basket size increased, company ...

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